MKT 304 CH 9 HW

Which of the following are benefits of brand equity? -product features - value proposition - brand loyalty - brand connections -perceived quality

- brand loyalty - brand connections -perceived quality

which of the following are benefits of brand loyalty and represent real market advantages to the brand sponsors? - it gives sponsors additional channel leverage - customers are forgiving, which enable companies to respond to a negative customer experience - it reduces long-tern marketing costs - customers are vocal and tell other about their experiences - marketing managers have constant marketing budgets

- it reduces long-tern marketing costs - it gives sponsors additional channel leverage - customers are vocal and tell other about their experiences - customers are forgiving, which enable companies to respond to a negative customer experience

which of the following are types of co-branding relationships? -a company combines two of its products - multiple companies come together to create a new branded product - a company licenses a product to another company - joint venture between two companies

- joint venture between two companies -a company combines two of its products - multiple companies come together to create a new branded product

which of the following are companies brand roles? - the brand offers an effective methodology for categorizing products. - the brand demonstrates competitive advantage -the brand offers legal protections for the product - the brand educates the final customer

- the brand offers an effective methodology for categorizing products. -the brand offers legal protections for the product

Which of the following are customers advantages resulting from brand associations? select all that apply. -Customer process, store, and retrieve product information by brand, which is a big advantage for strong brands - strong brands generates a more positive attitude toward the product - brand associations limit the fit of the target market's perception of the brand - brand associations create an additional competitive barrier to entry for new brands

-Customer process, store, and retrieve product information by brand, which is a big advantage for strong brands - strong brands generate a more positive attitude toward the product

which of the following are customer brand roles? -the brand conveys information about the product - the brand helps reassure the customer in the purchase decision - the brand warranties the product performance - the brand educates the customer about the product

-brand conveys the information about the product - brand also educates the customer about their product - brand helps reassure the customer in the purchase decision

which of the following does perceived quality of product provide to the sponsoring company? -opportunity for new advertising campaign -price premium opportunity -differentiation in the market -extend product range

-price premium opportunity -differentiation in the market -extend product range

Brand awareness brand loyalty perceived quality brand association brand assets

-signals a familiarity and potential commitment to the brand -enables a company to reduce marketing costs and leverage trade relationships -differentiates the product and create higher price points -a primary purchase driver -possessions, such as trademarks and patents, that represent a significant competitive advantage

which of the following are distinct of perceived quality to the company? -the perception of quality is an excellent differentiator in the market in the market -the perception of quality can lead to a price premium opportunity -the perception of quality ensures supplier cooperation -the perception of quality enables companies to extend the product range

-the perception of quality enables companies to extend the product range -the perception of quality can lead to a price premium opportunity -the perception of quality is an excellent differentiator in the market in the market

market-leading brands provide competitors with a(n) __________ against which to compete.

Benchmark

Other possessions such as trademarks and patents that represent a significant competitive advantage are called:

Brand assets

A number of emotional, psychological, and performance with a brand is called:

Brand association

_________ _________ is an integral part of the product development process bc companies know new products result from well-conceived brand planning

Branding Strategy

______-______ joins two or more well-known brands in a common product or takes two brand and markets them in partnership.

Co-branding

_______ brands do not separate the company from the brand, which creates synergy among members of the brand.

Family

________ is offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales

Licensing

________ quality conveys a recognition of quality that is either positive or negative

Perceived

True of false: As part of the purchase contract with the customer, manufacturer's are required by law to state the reasonable expectations for product performance.

True

A commitment to repeat brand purchases is called:

brand Loyalty

Being conscious of the brand is called:

brand awareness

a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm's customer is called:

brand equity

A summary of unique qualities attributed to the brand is called:

brand identity

A(n) ________ ________ occurs when a company uses its brand to expand into new product catgories

category extension

For consumer products, packaging plays a critical role in the company's overall marketing ________ strategy.

communications

extending the product range, price opportunity, and differentiation in the market are benefits to the _____________ from perceived high quality of a brand

company

offering legal protection for the product through a trademark and offering an effective and efficient methodology for categorizing products are ______ brand roles/

company

when customers identify with a brand and transfer that loyalty to a product, it can:

create additional barrier to entry for new brands

because of customer brand connections, marketing managers generally want to:

extend the brand to new products

True or false" because of customer loyalty, marketing managers with a strong brand have less flexibility in their marketing budgets.

false: Because of customer loyalty, marketing managers with a strong brand have greater flexibility in their marketing budgets

_____ ______ make broad promises about the product performances and customer satisfaction

general warranties

companies constantly evaluate their warranties to measure the benefits versus the costs. This evaluation considers: nature of product performance misuse of product return/refund policies improper installation length of time

length of time return/refund policies nature of product performance

Brand-______ customers do not spend as much time searching for new information and as a result, generally spend less time in the purchase process.

loyal

when customers are ______ to a brand, it creates an additional barrier for new brands

loyal

Which of the following can be a component of a brand? -delivery -name -sign -symbol -design -price

name, design, symbol, sign(along with term, or any other feature that identifies one seller's goods or services as distinct from those of other sellers)

______ brands are sold around the country under the same brand

national

the manufacturer's promise of ______ helps define the brand for the customer.

performance

A ______ states the explicit product performance promises related to components of the product.

specific warranties

Which of the following are basic strategic decisions in defining a brand? national or store branding stand-alone or family branding co-branding licensing identity distinction consumer or business brands

stand- alone or family branding national or store branding licensing co-branding

Branding that separates the company from the brand and insulates the company if there is a problem with the brand is called:

stand-alone branding

Branding that is created by retailers to market their own products is called:

store branding

Coordination must exist between the product package an all other marketing mix elements and is an extension of the product's marketing

strategy

a visually appealing package must be directed at the _______ to be successful.

target audience

True of false: Warranties can play a significant role in the final product choice.

true

True or false: To be successful, marketing strategy must build quality into their entire customer experience

true